Victorian and Queensland Flood Victims Ignored by Insurers Get a Lifeline Through VMG

Victoria, Australia, February 26, 2011 --(PR.com)-- Around the country, but especially in Queensland and western Victorian, homeowners are discovering that "flood insurance" will only cover a very small percentage of those affected by December and January's wild weather. With revelations that as few as 20% of those who believed they were insured for flood actually set to receive payouts, new lending will be a critical factor in helping Queensland and Victorian families get back on their feet. The Victorian Mortgage Group is playing a small but exemplary role in helping families rebuild in flexible and manageable ways that take account of the extraordinary circumstances.

Although insurers have let many families down in the wake of Queensland's and Victoria's flood disasters, niche mortgage lender The Victorian Mortgage Group is offering families across the country a manageable option to rebuild their lives.

The Victorian Mortgage Group is based in Melbourne, but lends throughout Australia. The company has an established record of lending to borrowers that are ignored by traditional banks.

The Victorian Mortgage Group has shown a stunningly unique approach as home loan lenders throughout the disaster. Their distinctive business philosophy includes policies that are set to benefit flood victims such as:

Traditional sit-down interviews with loan applicants
A flexible approach to mortgage repayments, which can include repayment holidays in extreme circumstances such as the floods
Variations in home loan terms, interest and repayments to suit individuals
Telephone calls that are answered immediately by a person rather than an automated service
A unique staff profile of mature-aged ex-bank employees

Bernie McIntosh, managing director of Victorian Mortgage Group, spoke proudly of the role the company plays in rebuilding after disasters. "VMG offers a human touch with its residential lending program. We offer assistance to those that the Banks choose to ignore and continue to walk beside them throughout the life of their loan," Mr. McIntosh said. "It's times like this when policies and procedures simply don't cut it, and VMG's case-by-case, flexible philosophy becomes valuable social capital and a true lifeline for many families," Mr. McIntosh continued.

The Victorian Mortgage Group also echoes the sentiments of Legal Aid in Queensland, who recently advised insurance customers that they should not be discouraged by insurers who reject their flood or cyclone damage claims. These residents should utilise the free internal appeals process within their insurance company, and appeal to the financial ombudsman if that is unsuccessful.

About Victorian Mortgage Group:

Since opening their doors in 1946, the Victorian Mortgage Group's (VMG's) goal has been to help those Australian borrowers who are most in need. Having financed more than 30,000 dwellings during the company's rich history, they remain the favourite alternative source of finance to borrowers who are largely ignored by the major lenders.

The Victorian Mortgage Group's first clients were the returned servicemen from the Second World War. Soon after, the company went on to introduce many more clients into home ownership including the State Government (through the implementation of many of its own lending programs), the employees of various companies, ethnic groups, State Public Service Groups, Church Groups, members of the Victoria Police, Trade Union members and the general public. VMG have also provided finance to assist home ownership within specific suburbs or regional areas, or targeting specific income groups including both lower and higher income borrowers.

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